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2025-07-25 08:59:14
Knox Energy Solutions AS (“Knox”) has signed the final agreement with Inpector Capital B.V. (“Inpector”) regarding the acquisition of 38% of Inpector for USD 20 million. Net to Knox, the acquisition is expected to add ~950 bpd at current production levels with a plan to double that amount in 3 years.
The Inpector group is producing oil from the Issaran onshore field in Egypt. The Issaran field is a heavy oil field and the production is currently about 4,000 barrels per day. Inpector plans to ramp production up to around 10,000 barrels per day by 2028.
The Issaran concession holds approximately 700 million barrels of oil, and comparable fields have shown recovery factors of more than 20%.
Knox will pay USD 10 million in cash, to be primarily used to increase production through enhanced development drilling, and issue 6,276,990 new shares in Knox to Inpector, valued at USD 10 million based on a pre-money valuation for Knox of USD 10.4 million.
This is equal to NOK 16.20 per Knox share, based on a total number of 6,528,070 shares, following pending registration of all exercised warrants. The transaction is subject to Knox raising a minimum of USD 11 million of new equity in a process which is contemplated to start shortly and at a valuation also taking into account the contribution from Inpector.
Inpector is owned by the Dutch & Norwegian investment combination of Kenzoll Capital and Kenda Capital. Kenzoll was founded by Corné Melissen.
Clarksons Securities AS is engaged as exclusive financial advisor and manager for the contemplated capital raise and is also acting as exclusive financial advisor in connection with the companys contemplated application for a listing on Euronext Growth, which is expected to be submitted shortly after the completion of the equity raise.
The transaction is in line with the companys plans to grow through the acquisition of companies and Knox has a pipeline of potential follow up projects. Knox already owns 40% of Rapid Oil Production Ltd., which has a 15% fully carried share in the Fyne development project offshore UK.
The transaction is adding major oil company senior executive experience to the Knox team. Furthermore, Inpector and Knox have agreed to cooperate regarding the execution of Knox consolidation strategy.
For further comments, please contact:
Geir Aune, Chairman, ga@knox-energy.com